Posts Tagged ‘Standard Chartered’

Standard Chartered Saadiq Berhad of Malaysia has appointed Azrul Nizam Abdul Aziz as its new CEO. Saadiq Berhad is the Malaysian based Islamic subsidiary of Standard Chartered Bank. Saadiq is the StanChart’s global brand of Islamic banking.

KUALA LUMPUR, Nov 5 (Reuters) – The Malaysian unit of Standard Chartered has appointed Azrulnizam Abdul Aziz as chief executive of its Islamic subsidiary, the lender said on Wednesday.

Azrulnizam, who was previously head of the bank’s Islamic banking division, will now lead Standard Chartered Saadiq Berhad, the bank said in a statement. (Reporting by Liau Y-Sing; Editing by Alex Richardson)

Pakistan will issue rupee-dominated Islamic bond for its domestic market consumption in September.

The issuance will be handled by Standard Chartered Bank and Dubai Islamic Bank which would be less than Rs 20 billion than what the market had expected.

The Islamic bond will further stimulate the growth of the Islamic finance industry which shared 3.2% of the total banking system in Pakistan and only accounted for Rs 135 billion of assets.

Published: August 15, 2008, 23:58

Kuala Lumpur: Pakistan will issue its first local currency Sharia-compliant bond in September, a government official said yesterday, as the Muslim nation seeks to build its fledging Islamic finance industry.

Ashfaque Hassan Khan, special secretary at the Finance Ministry, said the issue size had not been determined although it would be “substantially less” than the Rs20 billion ($269.5 million) some bankers had earlier expected.

“We have already completed all the paperwork and we hope to be in the market sometime in Sep-tember,” Khan told Reuters by telephone. “This is the first time we will be going to the market with a rupee-denominated local sukuk.”